Noburo: Debt Restructuring and Financial Education to Provide Long-Term Financial Well-Being for Blue-Collar Workers in Thailand
Noburo is a social FinTech fighting inequality through a business-to-business-to-consumer (B2B2C) intermediary platform.
Thailand has one of the highest household debt levels in the world, amounting to 90.6% of its GDP, and over 90% of workers are in debt. High levels of indebtedness among blue-collar workers, including to loan sharks, are attributed to a lack of financial management as well as high levels of unplanned spending. This leads to workers stacking their debt burdens, including from loan sharks. These workers are increasingly excluded from the financial sector as they are unable to apply for loans due to bad credit history, therefore lacking a financial safety net for emergencies. There is a general lack of financial literacy education amongst Thais, especially in the low-income population.
Noburo provides blue-collared workers fair credit access and financial literacy, providing human-centred psychological interventions through its mobile application. Noburo provides customised loans that encourage healthy financial habits and debt management. Noburo offers financial education and access to financial and debt planning tools, enabling customers to manage their finances effectively before obtaining loans. Noburo’s mission is to empower at least 100,000 borrowers to solve their debt problems and have at least THB 100,000 (USD 263) in savings through an integrative financial literacy and fair credit concept by 2025.
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